Square today opened its Square Cash service to the public, allowing users in the United States to send money using just an email and a debit card. The service is designed to be simple, and money can be sent by sending an email to the intended recipient with a dollar amount in the subject line and firstname.lastname@example.org in the CC field.
To go along with the service, Square has released a new Square Cash iOS app, designed to simplify the process even further. After installing the app, it can be used to enter a dollar amount, which is then automatically entered into an email template to complete the money sending process.
Send money to anyone with an email address. It’s fast, safe, and free!
No account needed. Just securely link your debit card to start sending money. It’s free to send, and free to receive money directly to your U.S. bank account.
Secure. Your financial information is entered through a secure connection and kept private. You can confirm or reject any transfer.
Fast. Money automatically deposits to your bank account within 1–2 business days.
Users that are new to the service will get an email from Square that includes a link to a secure website where debit card numbers can be entered. An account only needs to be set up once; after a debit card is stored, it can be used for each transaction. Payments take one to two business days to clear, and Square Cash is free for both senders and receivers. There is, however, a $2,500 per week sending limit, and the service is limited to users in the United States.
Square Cash can be downloaded from the App Store for free. [Direct Link]